Am I entitled to or likely to get a mortgage?

jillybean123

I own my own home worth about £350,000 and own another rented property worth £180,000. I currently have no mortgage on either property.
I would like to raise some money (up to £50,000) to start a business and have looked into loans I could get. Mortgage loans seem to be the cheapest way to borrow money but I am neither a first time buyer or a remortgage customer.

Could anyone advise me as to whether the mortgage lenders would consider me given that the mortgage would not be to purchase a house or to remortgage.

I currently have an income of around £20,000

Thrugelmir

jillybean123 wrote: »

I currently have an income of around £20,000

Does that include the profit from property letting?

GMS

Most lenders would not advance funds for business purposes.

jillybean123

Yes it includes the rent for property letting.

jillybean123

GMS wrote: »

Most lenders would not advance funds for business purposes.

Would they lend if I asked for the money as a home improvement loan?

I have a holiday let business run from my home and want to extend it to rent out more space.

GMS

Why not speak to your business bank?